"Kiev has experienced such a property boom. I bought a flat three years ago for $30,000, and now its worth up to $200,000."

Speculators

Part of the story is simply a rising demand for accommodation as wages go up and the economy grows - a demand for which supply cannot keep up.

Many sites operate 24 hours a day

"People simply want to move out of their old Soviet style housing, and move into something more comfortable," says Jaroslav Kinach from property developers XXI Century Investments.

In addition, many Ukrainians don't trust banks, preferring property as a way of securing their savings.

And then there is also a new class of super-rich Ukrainians looking for ways to invest their money: a tiny, but incredibly wealthy, group of business people who have done well since the collapse of the USSR, often in traditional industries such as steel production.

But the main driver for the property boom is speculation.

Investors tend to snap up new flats, then leave them unfinished and empty - adding to the imbalance between supply and demand.

At the offices of agents Parker and Obolensky, prices start at $500,000.